Deutsche Bank Bests Amvescap
In the Race to Acquire Scudder

By

Aaron Lucchetti and

Marcus Walker Staff Reporters of The Wall Street Journal

Updated Sept. 6, 2001 12:01 a.m. ET

Deutsche Bank AG has bid between $2.5 billion and $3 billion to buy mutual-fund manager Zurich Scudder Investments from insurer Zurich Financial Services Group, according to people familiar with the matter.

The bid makes Deutsche Bank, Europe's largest bank by assets, the current favorite to acquire Zurich Scudder, ahead of Anglo-American fund manager Amvescap PLC, which has also been talking to Zurich Financial, but which is understood to be undecided about pursuing a formal bid. Even a deal between Deutsche and Zurich,...